Sensex tanks 3,934.72 points, Nifty ends at 7,610.25 amid global fears of prolonged recession

New Delhi: Equity benchmark indices on Monday closed in the red with the Sensex closing 3,934.72 points down or 13.15 percent at 25981.24, while the broader Nifty also plunged 1,135.20 points or 12.98 percent at 7610.25. The top loser stocks were Axis Bank, IndusInd Bank, and Bajaj Finance while HDFC Bank, Reliance Industries, ICICI Bank, and HDFC remained the most active stocks.

Equity benchmark indices plunged even lower today afternoon after a 45-minute halt caused after the S&P BSE Sensex hit 10 per cent lower circuit level. Banking and auto stocks were the worst-hit amid across-the-board selling in the market as the coronavirus epidemic continued to cause widespread lockdowns and quarantines, evoking fears of a prolonged recession.

The BSE Sensex was down by 3,339 points or 11.16 per cent to 26,577 while the Nifty 50 edged lower by 917 points or 10.48 per cent to 7,829. All the sectoral indices at the National Stock Exchange were deep in the red with Nifty private bank down by 14.2 per cent, financial service by 12.3 per cent, auto by 11.9 per cent and metal by 10.8 per cent.

Among stocks, private sector lender IndusInd bank lost by 21.8 per cent to Rs 344 per share while Axis Bank slipped by 19.9 per cent and ICICI Bank by 15.1 per cent. Metal major JSW Steel cracked by 18.8 per cent, Hindalco by 14.8 per cent, Grasim by 20 per cent, Adani Ports by 17 per cent and Larsen & Toubro by 15 per cent. 

During early hours today, equity benchmark indices dived by 9 per cent as governments and businesses adapt to prolonged quarantines during the coronavirus pandemic. 

At 10 am, the BSE Sensex was down by 2,992 points or 10 per cent to 26,924 while the Nifty 50 edged lower by 847 points or 9.7 per cent to 7,898. All sectoral indices at the National Stock Exchange were deep in the red Nifty private bank down by 11.2 per cent, realty by 10.9 per cent, financial service by 10.1 per cent and auto by 9.8 per cent.

Meanwhile, Asian shares sank on Monday as a rising tide of national lockdowns threatened to overwhelm policymakers` efforts avert a possible deep global recession. MSCI`s broadest index of Asia Pacific shares outside Japan lost by 3.8 per cent while Shanghai blue chips dropped by 2.3 per cent, but Japan`s Nikkei rose by 0.8 per cent aided, likely by expectations of more aggressive asset buying by the Bank of Japan. Reports said the global death toll due to coronavirus exceeded over 14,000 with more than 300,000 infections. 

(With Agency Inputs)